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FR0012612646

GROUPE PARTOUCHE: 1st half-year 2024 revenue in growth by 2.3 % at € 220.6 M / Dynamic activities, new partnerships and reopening of two iconic casinos

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1st half-year 2024 revenue in growth by 2.3 % at € 220.6 M
Dynamic activities, new partnerships
and reopening of two iconic casinos

Paris, 11th June 2024, 06:00 p.m. – Groupe Partouche, a European leader in gaming, publishes today its consolidated turnover for the 2nd quarter 2024 (February 2024 – April 2024) as well as its consolidated turnover for the first half-year (November 2023 – April 2024).

Revenue for the first half of 2024 up by 2.3% to €220.6 Million

The activity for the first half of 2024 shows a solid growth dynamic: a 2.3% increase in cumulative six-month revenue, reaching € 220.6 M compared to € 215.6 M in H1 2023, and a 2.1 % increase in Net Gaming Revenue to € 179.7 M (compared to € 176,0 M in H1 2023).

Thus, the positive revenue trend recorded in the first quarter (+2.0 %) is confirmed with a 2.6 % increase in revenue for the second quarter of 2024, reaching € 101.9 M compared to € 99.2 M in Q2 2023.

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In detail, the Gross Gaming Revenue (GGR) for the second quarter increases by 2.7 % to € 173.7 M (compared to € 169.1 M in Q2 2023):

  • The GGR growth in France (89 % of Group GGR) stands at +1.7 % to € 154.8 M compared to Q2 2023, driven by a 2.5 % increase in slot machine GGR to € 124.6 M (80 % of France GGR). The GGR from table games, both electronic and non-electronic, decreases by 1.4 % to € 30.2 M;
  • Abroad, the GGR increases by 11.5 % compared to Q2 2023, reaching € 18.9 M, thanks to the continuous rise of Swiss online gaming (+48.9 %). The Middelkerke casino also performs well (+31.7 % vs. Q2 2023).

After deductions, the Net Gaming Revenue (NGR) increases by 2.8 % to € 81.5 M, compared to € 79.3 M in Q2 2023. Non-gaming activities generates a revenue of € 21.1 M (+0.7%), mainly due to the regained dynamism of Hotels (+14.2 %).

Developments: New Partnerships and Reopening of Two Iconic Casinos

Partnership with the Starred Chef Michel Sarran

This collaboration with the starred chef Michel Sarran aims to enhance culinary excellence and the customer experience within the Group’s establishments. Michel Sarran will bring his expertise to broaden the culinary horizons of the experiences offered to the Group’s customers, from finger food to the menus of the establishments. Our teams will have the opportunity to enrich their experience through training provided by Michel Sarran, who will also support major events in the Group’s calendar.

Partnership with Palm Beach Exploitations in Cannes

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Groupe Partouche announces the sale of 40% of Cannes Centre Croisette, which operates the 3.14 casino, to Palm Beach Exploitations. The latter will reinvest in Palm Beach over the summer of 2024, following extensive renovations by Palm Beach Exploitations, transforming it into a luxurious beachfront leisure complex reminiscent of its original spirit. Through this association, Groupe Partouche aims to benefit from the affluent clientele that will frequent this iconic venue. The renovation costs, borne by Cannes Centre Croisette, amount to € 5.6 M.

Opening of Copal Beach in Cannes

The partnership with Financière Must, led by Julien Manival (see press release of March 12, 2024), culminates today with the opening of Copal Beach (previously La Plage 3.14) in Cannes on the Croisette, featuring a South American concept and cuisine by Colombian chef Juan Arbelaez.

Opening of the New Pasino Grand-La Tour Salvagny

After two years of renovations amounting to approximately € 21.0 M, the Lyon Vert casino has been transformed into the Pasino Grand-La Tour Salvagny, joining the prestigious major establishments of the group. This transformation marks a new era for the casino, offering visitors an even more immersive and entertaining gaming experience. With a remarkable increase in gaming space from 1,600 m² to nearly 4,000 m², the Pasino Grand-La Tour Salvagny will offer an exceptional variety of games. This modernization also includes the integration of the latest technologies, ensuring an innovative experience for players. Culinary surprises await guests with a high-quality and surprising bistronomic offering.

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Partial Reopening of the Annemasse Casino

Since October 2022, extensive renovations amounting to € 8.1 M have been underway to restore the casino, established in 1995, to its former glory. The first phase of this major renovation was completed in January 2024, with the official reopening of the entrance via its rotunda and the left wing of the establishment, which houses the slot machines and a smoking terrace at the end of the wing. The dining and bar areas have also been completely renovated. The restaurant is located behind the indoor bar and opens onto the outside, with a panoramic terrace overlooking the banks of the Arve.

Sustainable Development: Obtaining Two CSR Labels

Groupe Partouche has been awarded the “Progression” level of the RSE label and the Responsibility Europe label by AFNOR Certification. These two internationally recognized labels reward the commitment and demonstrate the maturity and performance of our CSR approach, as well as the integration of the Sustainable Development Goals (SDGs) and the recommendations of the ISO 26000 reference standard.

Upcoming events:

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Income 1st quarter: Tuesday 25th June 2024, after stock market closure

Financial information 3rd quarter: Tuesday 10th September 2024, after stock market closure

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment B. ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP

ANNEX

1- Consolidated turnover

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In €M 2024 2023 Variation
1st quarter 118.7 116.4 +2.0%
2nd quarter 101.9 99.2 +2.6%
Total consolidated turnover 220.6 215.6 +2.3%

2- Construction of the consolidated turnover

2.1 – 2nd quarter

In €M 2024 2023 Variation
Gross gaming revenue (GGR) 173.7 169.1 +2.7%
levies -92.2 -89.8 +2.6%
Net gaming revenue (NGR) 81.5 79.3 +2.8%
Turnover excluding NGR 21.1 20.9 +0.7%
Fidelity programme -0.7 -1.0 -25.6%
Total consolidated turnover 101.9 99.2 +2.6%

2.2 – Aggregate 6 months

In €M 2024 2023 Variation
Gross gaming revenue (GGR) 346.9 341.0 +1.7%
Levies -167.2 -165.0 +1.4%
Net gaming revenue (NGR) 179.7 176.0 +2.1%
Turnover excluding NGR 42.4 41.4 +2.4%
Fidelity programme -1.4 -1.8 -21.2%
Total consolidated turnover 220.6 215.6 +2.3%

3- Breakdown of consolidated turnover by activity

3.1 – 2nd quarter

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In €M 2024 2023 Variation
Casinos 93.4 91.0 +2.7%
Hotels 6.5 5.7 +14.2%
Other 2.0 2.6 -23.2%
Total consolidated turnover 101.9 99.2 +2.6%

3.2 – Aggregate 6 months

In €M 2024 2023 Variation
Casinos * 203.8 199.9 +2.0%
Hotels * 12.7 10.9 +16.7%
Other 4.1 4.9 -15.3%
Total consolidated turnover 220.6 215.6 +2.3%

* The hotel Pavillon de la Rotonde at La-Tour-de-Salvagny has been included in the Hotels activity since 1st November 2023 (against casinos previously)

4- Glossary

The «Gross Gaming Revenue» corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).

The «Gross Gaming Revenue» after deduction of the levies, becomes the «Net Gaming Revenue», a component of the turnover.

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Attachment

FR0012612646

GROUPE PARTOUCHE: Turnover 1st quarter 2024: +2.0% – Good dynamics of the activities – General Meeting of 20th March: Proposed distribution of a dividend of 0.32 €/share

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Turnover 1st quarter 2024: +2.0%
Good dynamics of the activities

General Meeting of 20th March
Proposed distribution of a dividend of 0.32 €/share

Paris, 12th March 2024, 06:00 p.m. Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 1st quarter of fiscal year 2024 (November 2023 to January 2024).

Good dynamics of the turnover for the 1st quarter 2024

The Gross Gaming Revenue (GGR) totals € 173.2M for the 1st quarter 2024 compared to € 171.9M a year earlier, up by +0.7%.

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In France, the GGR for 1st quarter 2024 remains stable at € 153.8M. The performance of the different forms of games is contrasted. Thus, the GGR of slot machines increases by +1.4% (to € 121.2M, i.e. 79% of the GGR in France), while that of table games, electronic and non-electronic, decreases by -5.2% (at € 32.5M).

Abroad, the GGR increases by +7.3% compared to 1st quarter 2023, at € 19.4M. The GGR of online Swiss games continues its progress (+52.8% for the year) while that of the slot machines decreases by -7.5%.

Globally, after levies, the Net Gaming Revenue (NGR) increases by +1.4% at € 98.1M during the 1st quarter 2024.

The turnover for the 1st quarter of 2024 records a very satisfactory increase of +2.0% year-on-year and stands at € 118.7M. It includes the turnover of other activities, which grows by +4.0%, driven by the increase in hotels turnover (+19.4%).

General Meeting and distribution of dividends

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During the General Meeting to be held on Wednesday 20th March, shareholders will be able to vote on the distribution of a dividend in the amount of € 3,080,650.88 (i.e. € 0.32 per share). Payment of this dividend will be made no later than 31st July 2024.

Partnership established with Julien Manival

Groupe Partouche is joining forces with Julien Manival (Group “Bonne Compagnie”, which counts seven establishments in Occitanie) within a new structure, Must Group, specializing in the hospitality and entertainment sector. The objective is to offer to a wide audience a unique experience, merging culinary passion, innovation and entertainment in a modern and festive approach.

This partnership materialized on the one hand by the acquisition of a restaurant in the heart of the 8th precinct of Paris which will open at the beginning of 2025, and on the other hand, by the redevelopment of La Plage 3.14 on the Croisette in Cannes which will host this new concept at the beginning of coming spring.

Sustainable development: United Nations Global Compact and Women’s Empowerment Principles

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Groupe Partouche renews in 2024 its commitment to the United Nations Global Compact, the largest international sustainable development initiative. Furthermore, Groupe Partouche is committed to gender equality and women’s empowerment by adhering to the UN Women’s Empowerment Principles (WEPs) in 2024.

Upcoming events:

General Meeting: Wednesday 20th March 2024

Turnover 2nd quarter: Tuesday 11th 2024, after stock market closure

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment. ISIN: FR0012612646 – Reuters: PARP.PA – Bloomberg: PARP:FP

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ANNEX

1- Construction of the 1st quarter consolidated turnover (November N-1 to January N)

In €M 2024 2023 Variation
Gross Gaming Revenue (GGR) 173.2 171.9 0.7 %
Levies -75.0 -75.2 -0.2 %
Net Gaming Revenue (NGR) 98.1 96.8 +1.4 %
Turnover excluding NGR 21.3 20.5 4.0 %
Fidelity programme -0.7 -0.8 -16.0 %
Total Consolidated Turnover 118.7 116.4 +2.0 %

2- Breakdown of turnover by activity end of 1st quarter (November N-1 to January N)

In €M 2024 2023 Variation
Casinos * 110.4 108.9 1.4 %
Hotels * 6.2 5.2 19.4 %
Other 2.1 2.3 -6.1 %
Total Consolidated Turnover 118.7 116.4 +2.0 %

* The hotel Pavillon de la Rotonde at La-Tour-de-Salvagny has been included in the Hotels activity since 1st November 2023 (against casinos previously)

3- Glossary

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The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).

The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.

Attachment

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FR0012612646

GROUPE PARTOUCHE: Annual Income 2022/2023 – Income driven by the strong growth in the activity

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Annual Income 2022/2023

Income driven by the strong growth in the activity
        

  • Turnover:                                        € 423.8 M (+9.0%)
  • EBITDA:                                          € 76.1 M (+0.7%)
  • Current operation income:             € 27.4 M (+18.3%)
  • Net income:                                    € 23.4 M1
  • Solid financial situation                  Gearing of 0.1x and leverage of 0.8x
  • Continuation of the investment programme and confidence in the prospects

Paris, 30th January 2024, 06:00 p.m.

During its meeting held on the 30th January 2024 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the annual accounts at 31st October 2023, that are being audited.

Strong growth in the annual turnover

The Gross Gaming Revenue (GGR) records a strong growth over the financial year reaching € 701.5 M, compared to € 636.7 M in 2022 (+10.2%), a financial year which was still penalized by health restrictions until mid-March 2022. This good performance is fuelled by the growth in the slot machines GGR (+7.6%), the GGR of electronic forms of traditional games in France (+20.3%) and the online games in Switzerland (+41.6%).

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The Net Gaming Revenue (NGR) increases to € 332.9 M over the whole year by +9.0%, benefiting from a favourable effect over the first part of the year.

Turnover excluding NGR improves by +9.6% to € 94.3 M.

Globally, the 2023 consolidated turnover increases by +9.0% reaching € 423.8 M.

Goof financial performance

EBITDA appears generally stable at € 76.1 M (compared to € 75.6 M a year earlier) and represents 18.0% of turnover. However, restated for additional “closure” aids received in the previous financial year in the amount of € 4.9 M, 2023 the EBITDA increases by +€ 5.4 M, demonstrating a significant improvement in operational performance.

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Current Operating Income (COI) increases reaching € 27.4 M (+18.3%), thanks to the return to normal activity over the entire financial year, and mainly under the influence of the casino sector.

Purchases & external expenses increases by +€ 20.6 M (+16.9%), mainly impacted by:

  • Purchases of materials up by +€ 7.4 M (+19.5%) resulting both from the surge in energy prices of +€ 4.8 M (+43.1%) and the increase in purchases of solids and liquids for +€ 2.0 M (+11.5%) thus reflecting the dynamics of the activity;
  • Advertising & marketing costs and fees up respectively by +€ 8.0 M (+38.2%) and +€ 2.0 M (+9.9%) directly linked with the return to a normal activity and marketing operations related to the 50 year anniversary of Groupe Partouche (particularly through the free allocation of “promo credits” for games, an increase of +€ 4.7 M).
  • In opposition, the Meyrin casino, whose concession renewal was obtained for a period of 20 years until 2045, reduces advertising expenses and communication fees related to its online activity (-€ 0.8 M, or -9.0%).

Taxes and duties decrease from € 17.3 M in 2022 to € 16.9 M in 2023, i.e. -2.1%.

Employees expenses reach € 177.2 M, up by +€ 9.3 M (+5.5%) mainly due to the effects of the increase in the legal minimum wage as at 1st January & 1st May 2023, the revaluation of 2023 salary scales and the end of the use of the partial activity regime from which the Group had benefited in the previous financial year.

The change in amortization and depreciation of fixed assets, down by -4.9% to € 48.9 M, reflects the various ends of depreciation cycles as well as the limitation of renewal investments during the health crisis.

The item “Other current operating income and expenses” represents a net expense of -€ 10.8 M, compared to +€ 6.9 M over the previous financial year. This is due to the fact that the Group no longer benefits from the Government additional “closure” aid amounting to € 4.9 M over the financial year in order to fight the consequences of the health crisis. Moreover, the expenses related to the casinos’ concessions specifications increase (+€ 0.5M), correlatively to GGR. Conversely, we note a favourable trend in changes in the provisions.

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The 2023 Operating Income reaches € 27.4 M, after considering a non-current operating income (NCOI) almost at zero (+€ 0.04 M). It is to be compared to the 2022 operating income of € 40.7 M which took into account a NCOI of +€ 17.6M, principally composed of a result on the disposal of consolidated shares of +€ 14.1 M relating to the sale of 57% of the shares of the Crans-Montana casino.

The financial income totalled -€ 2.9 M (compared to -€ 2.3 M in 2022). This increase is mainly due to the financial expenses linked to IFRS 16 rental debts (€ 1.2 M, including € 0.8 M for the Middelkerke casino alone). Furthermore, in the context of rising interest rates, the group’s annual average cost of debt increases slightly (+€ 1.2 M) despite the further reduction in the Group’s gross debt. This increase is, however, largely offset by investment income which is up by +€ 1.4 M.

Tax expenses (CVAE included) is globally stable (-€ 1.1 M compared to € 1.2 M in 2022).

Ultimately, Groupe Partouche generates a profit of € 23.4 M (of which the Group’s share amounts to € 18.9 M) compared to € 37.1 M in 2022.

Healthy and solid financial structure

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We can note an increase in the non-current assets of the consolidated balance sheet by +€ 20.5 M due to:

  • The increase in “tangible fixed assets” (+€ 16.7 M) resulting, among other things, from ongoing investments in various establishment renovation projects, more particularly, an increase in the item fixed assets in progress of +€ 18.7 M (including mainly the works at the casinos of the Lyon Vert for € 9.1 M, Annemasse for € 4.5 M and Middelkerke for € 1.8 M) as well as the item advances and deposits on fixed assets for +€ 10.1 M (including, essentially, the works at the casinos of Saint-Amand for € 7.4 M and Divonne for € 1.6 M);
  • The increase in shareholdings in equity-accounted companies due in particular to the acquisition of an additional 34% stake in the companies of the La Pensée Sauvage division (+€ 2.3 M).

Conversely, we note a decrease in the current assets of -€ 14.4 M principally due to active cash consumption of -€ 17.5 M explained by investments during the period, mainly financed by issuing new bank loans and through the payment of dividends to the Group’s shareholders, as well as to minority shareholders, amounting to € 6.7 M in total.

On the liabilities side, the Group’s Equity, minority shareholders included, increases by +€ 12.8 M reaching € 366.9 M following the beneficiary income of the financial year that amounted to € 18.9 M (Group’s share).

The financial debt decreases by -€ 8.4 M (current and non-current share) after taking into account:

  • the settlement of the four quarterly instalments of the syndicated loan in the amount of -€ 10.8 M;
  • the reimbursement of other bank loans for -€ 17.2 M;
  • the setting up of new credits for +€ 21.5 M;
  • as well as the net impact of lease contracts treatment according to IFRS 16 for -€ 1.2 M (notably up, the subscriptions of new real estate contracts found in an increase in non-current assets, and down, the payment of deadlines of the financial year).

The financial debt amounts to € 53.9 M, up by € 7.6 M.

The financial structure of the Group remains healthy with the ratios of leverage (Net Debt / EBITDA) and gearing (Net Debt/Equity) respectively of 0.8x and 0.1x (compared to 0.7x and 0.1x in 2022).

Outlook

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Middelkerke (Belgium)

Since the partnership signed last June, between Groupe Partouche and Betsson, the Middelkerke casino has been granted the necessary license authorising the operation of attractive online casino games adapted to the Belgian regulated market, starting from the end of January 2024.

Furthermore, the Middelkerke casino that was temporarily operated in an outlying hotel since its entry into the Group in July 2022, is to be transferred at the end of March, to the seafront, a privileged location.

Dividends under financial year 2022/2023

After the resumption last year of the distribution policy, Groupe Partouche plans to distribute a dividend again for the 2022/2023 financial year, the amount and payment terms of which will soon be specified and submitted to a shareholders’ vote during the General Meeting to be held on 20th March 2024.

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Continuation of the investments in the existing sites

Constantly aiming in its establishments for excellence in the customer experience, the Group continues to enrich its offering and renovates its casino fleet in order to improve its performance, in that respect:

  • The Le Lyon Vert casino in La Tour-de-Salvagny is undergoing a major restructuring of its existing spaces with the creation of an important extension on two levels (ground floor and 1st floor). The project should end in May 2024;
  • Extensive works continue at the Annemasse casino. The left wing and a first outdoor smoking room were opened at the end of December 2023. The second phase of work, which will be completed in the summer of 2024, will notably make it possible to create an extension to the front and a second outdoor room;
  • The Divonne casino is undergoing a total renovation in order to regain its initial grandeur. This should be completed in September 2024;
  • The Contrexéville casino will benefit from a reorganization: the games main room will be transferred under the theater decor and the restaurant will also be positioned on the park side with an adjoining kitchen. Initiated in November 2023, the project should be completed in December 2024;
  • The Vichy casino is undergoing a complete renovation, which aims to increase the gaming areas, modernize and enhance the services offered by this emblematic establishment. Works are scheduled to end in June 2025;
  • Other sites’ renovations will be initiated in the 2024 financial year, in particular for the Saint-Amand-les-Eaux casino.

Upcoming events:
– Turnover 1st quarter (Nov. 2023-Jan. 2024): Tuesday 12th March 2024 (after stock market closure)
– General Meeting: Wednesday 20th March 2024

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP

Annex

1-   Consolidated income

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(In €M) at 31st October 2023 2022 ÉCART Var.
Turnover 423.8 388.8 +35.0 +9.0%
Purchases & External Expenses (142.6) (122.0) (20.6) +16.9%
Taxes & Duties (16.9) (17.3) +0.4 -2.1%
Employees Expenses (177.2) (168.0) (9.3) +5.5%
Depreciation, amortisation & impairment of fixed assets (48.9) (51.5) +2.5 (4.9%)
Other current income & current operating expenses (10.8) (6.9) (3.9) +56.1%
Current Operating Income 27.4 23.1 +4.2 +18.3%
Other non-current income & operating expenses 3.5 (3.5)
Gain (loss) on the sale of consolidated expenses 14.1 (14.1)
Impairment of non-current assets
Non-current Operating Income 17.6 (17.5)
Operating Income 27.4 40.7 (13.3) (32.7%)
Financial Income (2.9) (2.3) (0.6)
Income before Tax 24.5 38.4 (13.9)
Corporate Income & CVAE Taxes (1.1) (1.2) +0.1
Income after tax 23.5 37.3 (13.8)
Shares in earnings of equity-accounted associates (0.1) (0.1)  
Total Net Income 23.4 37.1 (13.7) (37.0%)
o/w Group’s Share 18.9 34.2 (15.3)
         
EBITDA (IFRS 16) 76.1 75.6 +0.5 +0.7%
Margin EBITDA / Turnover 18.0% 19.4%   -140 bps

2-   Analysis of the net operating income by division

For a better readability of its division performance, Groupe Partouche has presented the division contribution before intra-group elimination (ELIM.).

(In €M) at 31st October

 

TOTAL GROUP CASINOS HOTELS OTHER ELIM.
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Turnover 423.8 388.8 384.8   352.4 31.2   27.9 43.9   43.4 (36.2) (34.9)
Purchases & External Expenses (142.6) (122.0) (128.1) (110.4) (13.9) (12.5) (25.1) (22.7) 24.6 23.6
Taxes & Duties (16.9) (17.3) (24.7) (23.7) (1.8) (1.6) (1.6) (2.5) 11.1   10.6
Employees Expenses (177.2) (168.0) (146.1) (139.2) (12.6) (11.5) (17.9) (16.8) (0.6) (0.5)
Amort. deprec. on fixed assets (48.9) (51.5) (38.0) (40.3) (3.0) (3.1) (7.9) (8.1) 0.0 0.0
Other current operating income & expenses (10.8) (6.9) (11.0) (8.9) (0.3)   1.1 (0.5) (0.2) 1.0   1.2
Current Operating Income 27.4   23.1 36.9   29.8 (0.3)   0.3 (9.2) (6.9) 0.0 0.0

The current operating income (COI) of the casino sector reaches € 36.9 M, an increase of +€ 7.1 M (+23.8%), driven by the good momentum of the Group’s casinos. Activity in this sector is increasing with a change in turnover of +€ 32.4 M (+9.2%). All operating expenses increase by € 25.4 M, they include in particular an increase in purchases and external expenses (+€ 18.1 M, or +16.4%). Conversely, depreciation and amortization on fixed assets fell by € 2.3 M, reflecting the slowdown in the casinos renovation program during previous financial years due to the health crisis, as well as the end of investment cycles, more particularly the depreciation of electronic game equipment.

It should be noted that online games in Switzerland have reached the profitability threshold: the COI amounts to € 0.5 M over the financial year and this for the first time since their deployment at the end of 2020.

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The COI of the hotel sector returns to deficit despite the increase in turnover of +12.0%. It has been penalized by the increase in operational expenses (notably raw materials, energy and salaries) and by the presence in 2022 of the latest non-recurring aid measures linked to the health crisis.

Finally, the COI of the “Other” sector deteriorates to -€ 9.2 M over the financial year, compared to -€ 6.9 M in 2022.

3-   Summary of Net Debt

(In €M) at 31st October 2023 2022
Equity 366.9 354.0
Consolidated EBITDA (*) 64.3 63.9
Gross debt (**) 167.6 176.4
Cash less gaming levies 113.8 130.1
Net debt 53.9 46.3
Ratio net debt / Equity (« gearing ») 0.1x 0.1x
Ratio net debt / EBITDA (« leverage ») 0.8x 0.7x

(*) The consolidated EBITDA used to determine the “leverage” is calculated over a rolling 12-months period, according to the old IAS 17 standard (that is to say before application of IFRS 16)

(**) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.

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4-   Glossary

The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).

The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.

Turnover excluding NGR, includes all non-gaming activities i.e. catering, hotels, shows ticketing, spas, etc.

“Current Operating Income” COI includes all the expenses and income directly related to the Group’s activities to the extent that these elements are recurrent, usual in the operating cycle or that they result from specific events or decisions pertaining to the Group’s activities.

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The “Non-Current Operating Income” (NCOI) includes all non-current and unusual events of the operating cycle: it therefore includes the depreciation of fixed assets (Impairments), the result from the sale of consolidated investments, the result from the sale of asset, other miscellaneous non-current operating income and expenses not related to the usual operating cycle.

Consolidated EBITDA is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) linked to the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.

The Gearing is the ratio between the Net Debt and the Equity.

The leverage is the ratio between the Net Debt and the EBITDA.


1 To be compared to a net income of 37.1 €M in 2021/2022 that included 17.6 €M of non-current operating income, mainly linked with the disposal of the shares in the casino de Crans-Montana.

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FR0012612646

GROUPE PARTOUCHE: Very good 2023 operational performance – Turnover up by +9.0% to € 423.8 M

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Very good 2023 operational performance
Turnover up by +9.0% to € 423.8 M

Paris, 12th December 2023, 06:00 p.m. Groupe Partouche an European leader in gaming, published this day its consolidated turnover for the 4th quarter of fiscal year 2023 (August to October 2023) and for the entire fiscal year (November 2022 to October 2023).

As a preamble, Groupe Partouche reminds that the entire 2023 financial year took place under normal operating conditions since the outbreak of the Covid 19 epidemic early 2020. In fact, health restrictions were still in force in France and internationally in the first half of the previous financial year until their complete lifting mid-March 2022 (impact over 4.5 months). Furthermore, the Group has since operated in an inflationary environment and rising interest rates, creating a more demanding economic context which underlines the quality of the operational performance recorded by the Group in 2023, the year of its 50th anniversary.

Annual turnover 2023 up by +9,0 % à € 423.8 M

For 2023 financial year, the Gross Games Revenue (GGR) increases by +10.2% to € 701.5 M, compared to € 636.7 M a year earlier. In the 4th quarter of 2023 (Q4), the GGR increases by +1.7% to € 181.8 M, a satisfactory performance given the high basis of comparison (post-Covid catch-up effect in the 2nd half of 2022).

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In France, the annual GGR improves by +9.7% to € 630.5 M, mainly driven by all types of games: +20.3% for electronic games, +11.7% for non-electronic table games and +7.9% for slot machines. In Q4 2023, GGR reaches € 163.0 M, an increase of +0.4% compared to Q4 2022.

Internationally, the annual GGR grows by +15.1% year-on-year, to € 71.1 M, including a favourable exchange rate effect of +€ 2.5 M linked to the Meyrin casino in Switzerland. From an activity point of view, growth is fuelled by the strong dynamic of the Swiss online games GGR (+41.6%). The exit from the scope of the Crans-Montana casino in Switzerland in January 2022 (-€ 2.5 M) is offset by the performance of the Middelkerke casino in Belgium, which entered the Group’s fold in July 2022 (+€ 2.6 M). In Q4 2023, the GGR stands at € 18.8 M, an increase of +14.0% compared to Q4 2022.

In total, the Net Gaming Revenue after levies, amounts to € 332.9 M over 12 months, up +9.0% compared to 2022. In the 4th quarter of 2023, it stands at € 77.7 M. (+0.7% compared to Q4 of the previous financial year).

Non-gaming turnover increases by +9.5% to € 94.3 M, driven by the Hotels activity (+12.8%) in line with the good trend of the Group’s hotels. The Other sector is down (-4.7%) to € 11.9 M taking into account the exit of the “Le Laurent” restaurant (impact of -€ 1.9 M).

In total, after taking into account the scope1 effects over the period, the 2023 annual turnover stands at € 423.8 M, an growth of +9.0% compared to 2022. It comes to € 103.1 € M in Q4 2023, recording a satisfactory increase compared to Q4 2022 of +2.4%.

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Renewal of the concession of Meyrin Casino in Switzerland.

The Swiss Federal Council has granted the Meyrin Casino the renewal of its gaming concession and its online gaming site for twenty years as from 1st January 2025.

Sustainable development: Groupe Partouche has joined the SDG Ambition accelerator

After joining the United Nations Global Treaty early 2023, Groupe Partouche has joined its SDG Ambition Accelerator program in October. This 6-month program helps companies to set ambitious goals and accelerate the integration of the SDGs (Sustainable Development Goals) into their management in order to contribute to the sustainability of the company and society. Groupe Partouche has chosen to work in particular on subjects concerning the management of water resources.

Organisation of the World Series of Poker

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Groupe Partouche, with the support of TexaPoker, will organise the next World Series of Poker (WSOP) which will take place at the end of May 2024 at the Jean Bouin stadium in Paris, an event which will undoubtedly mark an important moment in the French poker agenda. This festival will be an opportunity to qualify for the 2024 WSOP in Las Vegas.

Upcoming events: Income of fiscal year ended 31st October 2023: Tuesday 30th January 2024, after stock market closure.

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP Reuters : PARP.PA – Bloomberg : PARP:FP

ANNEX

1- Consolidated turnover

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In €M 2023 2022 Variation
1st quarter (November N-1 to January N) 116.4 98.1 +18.6%
2nd quarter (February to April) 99.2 89.1 +11.4%
3rd quarter (May to July) 105.1 100.9 +4.1%
4th quarter (August to October) 103.1 100.7 +2.4%
Total consolidated turnover 423.8 388.8 +9.0%

2- Construction of the consolidated turnover

2.1 – Fourth quarter

In €M 2023 2022 Variation
Gross Gaming Revenue (GGR) 181.8 178.8 +1.7%
Levies -104.2 -101.7 +2.4%
Net Gaming Revenue (NGR) 77.7 77.1 +0.7%
Turnover excluding NGR 26.1 24.0 +9.0%
Fidelity Program -0.7 -0.4 +60.3%
Total consolidated turnover 103.1 100.7 +2.4%

2.2 – Aggregate 12 months

In €M 2023 2022 Variation
Gross Gaming Revenue (GGR) 701.5 636.7 +10.2%
Levies -368.6 -331.1 +11.3%
Net Gaming Revenue (NGR) 332.9 305.5 +9.0%
Turnover excluding NGR 94.3 86.1 +9.5%
Fidelity Program -3.4 -2.8 +21.0%
Total consolidated turnover 423.8 388.8 +9.0%

3- Breakdown of turnover by activity

3.1 – Fourth quarter

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In €M 2023 2022 Variation
Casinos 91.5 90.1 +1.6%
Hotels 8.4 7.6 +10.1%
Other 3.1 2.9 +8.5%
Total consolidated turnover 103.1 100.7 +2.4%

3.2 – Aggregate 12 months

In €M 2023 2022 Variation
Casinos 383.8 351.4 +9.2%
Hotels 28.1 24.9 +12.8%
Other 11.9 12.5 -4.7%
Total consolidated turnover 423.8 388.8 +9.0%

4- Glossary

The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.


1 The entry into the Group of the Middelkerke casino (Belgium) from 1st of July 2022 for an opening on 8th of July after some works, sale of the stake held in the Crans-Montana casino (Switzerland) on 31st of January 2022 and the end of the concession of the restaurant « Le Laurent » as from 7th March 2022.

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